Economic development incentives; disclosure to public. (HB2237)

Introduced By

Progress

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Introduced

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Passed Committee

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Passed House

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Passed Senate

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Signed by Governor

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Became Law

Description

Economic development incentives; disclosure to public. Provides that no project that includes an offer of economic development incentives shall be approved by the Governor unless the essential terms of the offer are disclosed to the public no less than 21 days prior to approval. The bill defines essential terms as the aggregate amount of incentives to be provided by the Commonwealth, how the incentives are to be allocated, the projected return on investment for the Commonwealth, the projected time frame for repayment of the incentives, the Division of Incentives' projections for the number of new jobs that will be created and the average wage of those new jobs, and any proposed agreement between the Commonwealth and the recipient of the incentives regarding the Virginia Freedom of Information Act. Read the Bill »